Fidelity: "Bitcoin (BTC) to break $100,000, possibly $300,000 by 2029"

▲ Bitcoin (BTC), Bull Market/AI Generated Image

An analysis suggests that Bitcoin (BTC) could reach $300,000 by 2029 after breaking its initial target of $100,000. It is assessed that long-term price prediction models and technical indicators align, signaling the entry into a new bull cycle.

According to the global financial media outlet 24/7 Wall St. on October 1 (local time), Jurrien Timmer, Global Macro Director at global asset management firm Fidelity Investments, predicted that Bitcoin could reach $100,000 in the short term and $300,000 by 2029 based on mathematical price models. Timmer calculated these long-term targets by combining historical trends, network adoption rates, and valuation metrics against gold. He explained that as Bitcoin rebounded from the $60,000 support level, the Z-score representing its ratio to gold also turned positive.

Breaking the $80,000 resistance level was presented as a key technical condition for reaching the short-term target of $100,000. Timmer analyzed that the depth of the trading range between $60,000 and $80,000 is approximately $20,000. According to technical analysis, if the upper bound of the $80,000 trading range is broken upwards, an additional $20,000 (the same magnitude of fluctuation) could be added, allowing Bitcoin to quickly settle at the $100,000 mark.

The long-term target of $300,000 is five times and a 400% surge from the $60,000 support level suggested by Timmer. Long-term institutional demand also supports this. According to data compiled by Farside Investors, the U.S. Bitcoin spot ETF market saw a net inflow of $2.39 billion last week, driving buying pressure.

However, macroeconomic variables are considered a short-term test. The U.S. 10-year Treasury yield surged to 5.24%, marking its highest level since 2007, creating tension across risk assets. Experts are watching whether Bitcoin can firmly break the $80,000 resistance despite the pressure from high bond yields, surpass $100,000, and enter the long-term $300,000 trajectory.

[Key Article Summary]

-Fidelity's Jurrien Timmer predicts Bitcoin will reach $100,000 in the short term and $300,000 by 2029, based on mathematical models.

-If the upper bound of the $60,000-$80,000 trading range is broken, a $20,000 surge will be added, opening up a $100,000 rally.

-While $2.39 billion flowed into ETFs last week, the 10-year Treasury yield soaring to 5.24% is considered a variable.

*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*